On Friday ES broke below the Major Control at 4353 and declined sharply which is a negative development. I have been writing that “Time below that Support would be an indication of weakness on the longer time-frame.”
For a strong position to be regained, ES would need to recover back above 4353 OR the Controlling price would need to migrate lower, which would require time.
The Value Area Low of the LT price distribution is around 4200. A rejected test would be interesting but price acceptance at the VAL would be a further negative.
